You can procure a bad credit mortgage at a high rate of interest with a slightly shorter duration of repayment than the usual. It has become a common trend among lenders to demand a high interest rate to compensate for the greater risk involved with their money because of your not so perfect credit score. However, they have the legal rights of repossessing your property if you fail to pay off your loan amount.
You can apply for a bad credit mortgage as:
* First Time Buyer Mortgage if you are buying a house for the first time;
* Buy to Let Mortgage when you want to own a house to rent it out;
* Council Right to Buy Mortgage only when you successfully meet the different criteria fixed by the Council.
Of course, with ever-growing needs and responsibilities, it is very humane to miss out your repayments on a number of occasions and spoil your substantial credit record beyond repair. You also might not have faced any CCJ but your default and arrears are enough to ruin your credit history.
Moreover, borrowing a bad credit mortgage entitles you to repay your monthly instalments in time. You need to keep up your repayments to avoid further damage to your credit record and to secure your property. A bad credit mortgage is only a financial privilege that you get against your bad credit record.
Besides, you can always compare different interest rates available with different lenders and the flexible repayments options they provide on the Internet. Sign a good offer on a bad credit mortgage!
About the Author
The author is a business writer specializing in finance and credit products and has written authoritative articles on the finance industry. He has done his masters in Business Administration and is currently assisting Bad-Credit-Mortgage-Choice as a finance specialist.
For more information please visit: http://www.bad-credit-mortgage-choice.co.uk
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